Guidingstar is a forex robot designed to work on the MT4 trading platform. The vendors claim that they are reliable and experienced traders that use competent risk management system with proven algorithm. The catch line is that reliability and steady income growth is assured. We will see if this is really the case here.
The exact strategy employed by the Guidingstar EA is not disclosed but it works best on the M15 timeframe and trades only the EURUSD. The price is $97 for a full license.
The trading results provided for this forex EA is from www.fxblue.com and it shows that the account was last updated in December 2017. Since then, there have been no trading activities on the account.
The main questions are: how reliable is the Guidingstar EA? Can we trust this EA?
GuidingStar EA: To Trust or Not to Trust?
Even from the trading results provided, we can see that the EA has blown the account. That alone is a very compelling reason not to trust the Guidingstar EA. Reasons not to trust the GudingStar EA include:
Vendor Anonymity
Poor Trading Results
Shanty-looking Website
No User Reviews
Website Unavailable
Vendor Anonymity
The vendors of the Guidingstar EA are not known. There are no office addresses or phone numbers by which they can be reached. Only an email address is provided for support purposes. The website domain suggests that the vendors are probably located in India, but nobody is sure. Several scammers use this ploy to rob traders of their hard earned money without a single trace. So, most traders are afraid of dealing with anonymous vendors especially after a bitter experience.
Poor Trading Results
The fxblue.com trading results presented by the vendors’ show that the robot gained some profits for a while before blowing the account. However, a large part of the trading history has been deleted, so, it is difficult to analyze what really happened.
The radical drop in the growth of this EA (-99.9%), which is seen from the trading history of the GuidingStar EA on Myfxbook, is very clear for all to see. As at October 2017, the account was blown as over $6,000 was lost. Since then, the robot has been abandoned.
Shanty Website
The official website of this EA: www.guidingstar.in.net is very scanty and the design is very poor. It looks like a webpage designed by a tyro using only html. The level of English language used is poor. This can be a turn off to many traders. If indeed the vendors are successful forex traders, surely they could have afforded the services of a professional website designer. Again, in marketing a product, presentation matters a lot. Presenting a cheap, unprofessional website, scanty and riddled with wrong English grammar has in this case, given a hint as to what traders can expect from the EA: a poor product which is at best, an exercise in mediocrity.
Virtually No Positive User Reviews
There are not much user reviews for this EA as it is relatively unknown. But, the few reviews found online say that it uses a very high risk martingale system. This martingale system is very notorious as it has blown several traders’ accounts and retired many forex robots.
Website Unavailable
As at today, the official website of this EA (www.guidingstar.in.net) is no longer available. Maybe, the robot has been retired for good.
Conclusion: GuidingStar EA Cannot be Trusted
Whoever is behind this Guidingstar EA has the attributes of a scammer. He probably could not afford a web designer and so, put up that egregious design. He chose anonymity which is the trademark of every scammer. The robot blew up his account which was serving as a proof of the efficacy of the robot. Now, the website is off the internet and no signs that the robot is in use. Please, do not trust the Guidingstar EA as it is obviously a scam.